{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{8}{c}}
\toprule
                    &\multicolumn{8}{c}{Dependent variable: $X_{ni}/X_n$}                                                                                                                         \\\cmidrule(lr){2-9}
                    &\multicolumn{1}{c}{(1)}         &\multicolumn{1}{c}{(2)}         &\multicolumn{1}{c}{(3)}         &\multicolumn{1}{c}{(4)}         &\multicolumn{1}{c}{(5)}         &\multicolumn{1}{c}{(6)}         &\multicolumn{1}{c}{(7)}         &\multicolumn{1}{c}{(8)}         \\
\midrule
$\delta^c \times z_{ni}^{(3)}$&      -0.026\sym{***}&      -0.020\sym{*}  &      -0.081\sym{***}&      -0.011         &                     &                     &                     &                     \\
                    &    (0.0066)         &    (0.0086)         &     (0.017)         &    (0.0074)         &                     &                     &                     &                     \\
\addlinespace
$FINDEV^c \times z_{ni}^{(3)}$&                     &                     &                     &       0.018\sym{**} &                     &                     &                     &                     \\
                    &                     &                     &                     &    (0.0068)         &                     &                     &                     &                     \\
\addlinespace
$\log GDPC^c \times z_{ni}^{(3)}$&                     &                     &                     &       0.097         &                     &                     &                     &                     \\
                    &                     &                     &                     &     (0.052)         &                     &                     &                     &                     \\
\addlinespace
$\delta^c \times z_{ni}^{(4)}$&                     &                     &                     &                     &    -0.00054         &      0.0032         &      -0.023\sym{*}  &      0.0023         \\
                    &                     &                     &                     &                     &    (0.0010)         &    (0.0023)         &    (0.0092)         &    (0.0013)         \\
\addlinespace
$FINDEV^c \times z_{ni}^{(4)}$&                     &                     &                     &                     &                     &                     &                     &     -0.0018         \\
                    &                     &                     &                     &                     &                     &                     &                     &    (0.0012)         \\
\addlinespace
$\log GDPC^c \times z_{ni}^{(4)}$&                     &                     &                     &                     &                     &                     &                     &       0.032\sym{***}\\
                    &                     &                     &                     &                     &                     &                     &                     &    (0.0075)         \\
\midrule
Upstream $\times$ Downstream FEs&         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         \\
Upstream $\times$ Country FEs&         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         \\
Downstream $\times$ Country FEs&         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         \\
\midrule Sample     &        Full         &      M only         &      S only         &        Full         &        Full         &      M only         &      S only         &        Full         \\
\midrule$R^2$       &        0.54         &        0.64         &        0.47         &        0.54         &        0.54         &        0.64         &        0.46         &        0.54         \\
Observations        &      133525         &       48069         &       21364         &      132300         &      133525         &       48069         &       21364         &      132300         \\
\bottomrule
\end{tabular}
}
